Pune, Maharashtra -- (SBWire) -- 08/06/2020 --Global Smart Manufacturing Market was valued at USD 170.58 billion in 2018 which is expected to reach USD 419.23 billion by 2027 at a CAGR 11.85%.
Smart manufacturing is type of manufacturing method which is aims at optimizing concept, transaction process and product manufacturing. It involves the use of automation machinery and the goal is achieved through this process. Smart manufacturing methods utilize the big data analytics to refine complicated processes and manage supply chains.
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Increase in adoption of Industry 4.0 and emphasis on industrial automation in manufacturing processes are the driving factors which are expected to drive the global smart manufacturing market growth. Furthermore, increase in government initiatives will have the positive impact on global smart manufacturing market growth during this forecast period. Moreover, adoption of automated machinery in a number of manufacturing industries is expected to propel the global smart manufacturing market growth. Also, high adoption of IoT and cloud platforms, rapid industrial growth, and rise in complexities in supply chains are the market boosting factors which are expected to fuel the global smart manufacturing market growth.
However, high investments and costs required for smart manufacturing is the challenging factor for market growth which is expected to hamper the global smart manufacturing market. Also, lack of standardization among equipment manufacturers and in connectivity protocols will affect the global smart manufacturing market growth.
Research Methodology
To understand the potential of market in a precise manner, the global market has been analyzed according to the Porter's Five Force Model structure. Also, the Smart Manufacturing market has been studied using SWOT analysis, and it highlights various strengths and opportunities, threats, and weaknesses that are associated with the industry.
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Market Taxonomy
By Component
- Hardware
- Software
- Services
By Technology
- Plant asset Management
- Product Lifecycle management
- 3D printing
- Machine Vision
- Human Machine Interface
- Discrete Control Systems
- Enterprise Resource Planning
- Others
By End Use
- Oil & Gas
- Food & Agriculture
- Electronics
- Industrial Equipment
- Healthcare
- Chemicals & Materials
- Automotive
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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